Investments and securities expert Edward Siedle writes that his work testifying as an expert witness recently for a large investor that lost millions to Bernard L. Madoff gave him an inside view of the sales job financial advisors are continuing to put over on wealthy clients.

In a decision with potentially broad implications, St. Louis, MO, U.S. District Judge Jean C. Hamilton tossed out a SEC lawsuit over stock option backdating before the defense had presented a single witness. Hamilton said the SEC offered “no evidence” that Michael F. Shanahan Jr., the son of the former CEO and co-founder of Engineered Support Systems Inc., misled stock buyers or sellers, and “no evidence” about what standards of care he allegedly violated as a non-employee member of the board of directors.